November 20, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Intraday traders should have noticed the recent bearish closure below 1.1700. This indicated bearish domination for the market on the short-term.

However, the EURUSD pair has failed to maintain sufficient bearish momentum below 1.1625 (38% Fibonacci Level). Instead, another bullish breakout was being demonstrated towards 1.1870 which corresponded to 76% Fibonacci Level.

As mentioned in previous articles, the price zone of 1.1870-1.1900 stood as a solid SUPPLY Zone corresponding to the backside of the broken channel.

Moreover, the recent bearish H4 candlestick closure below 1.1770 was mentioned in previous articles to indicate a valid short-term SELL Signal. All bearish targets were already reached at 1.1700 and 1.1630 where the current bullish recovery was initiated.

The curren bullish pullback towards the price zone of 1.1870-1.1900 is supposed to be considered for signs of bearish rejection and another valid SELL Entry. S/L should be placed just above 1.1950.

Bearish closure and persistence below 1.1777 (61.8% Fibonacci Level) is needed to enhance further bearish decline at least towards 1.1630.

Otherwise, another bullish pullback towards 1.1870-1.1900 should be considered for another valid SELL Entry.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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